IoT can boost economic development: experts

The emergence of IoT devices is changing the way people communicate, live, work, play and connect.

IoT allows cars connect to hospitals in case of accidents or helps give warnings to drivers. IoT creates smart clothes which alert users if they sit with the wrong posture.

In sports, smart tennis balls help athletes analyze behavior in order to optimize actions. In factories, self-propelled equipment is increasingly being used by enterprises to deliver goods and parcels.

According to Ericsson Mobility Report, there will be 28 billion connected devices in the world, of which 15 billion will be IoT connected devices, including M2M (machine to machine) such as smart meters, on-road sensors, and consumer electronics (televisions, DVRs and wearables). The remaining $13 billion will come from mobile phones, computers and tablets.

In Vietnam, ideas about IoT-based products have been applied in reality. These include products in smart agriculture, smart homes and smart traffic.

According to Hoang Minh Chinh, a cloud computing expert from Microsoft Azure, who has 15 years of experience in software development, system integration and cloud computing, Microsoft’s view is that IoT is not a technological revolution, but a business revolution.

Chinh cited IDC’s statistics to show that IoT is expected to bring revenue of $1.3 trillion billion by 2020.

Gartner estimates that the added value to be brought by IoT would be $1.9 trillion by that time, while McKinsay estimates that IoT would make up $11 trillion to the global economy.